January 11, 2018 | By FBN Site Editor In Off Topic | Comments Off on My Home Foreclosure Story: How I Recovered at 50+ & Why You Can Too

My name is Yuwanda Black. I’m a freelance writer and the publisher of this site (along with a few others). I started this blog in 2009 when the home foreclosure crisis was still raging.

I’ve been a realtor and a mortgage consultant in my previous professional lives. This prepared me nicely for my freelance writing career as personal finance, mortgages, credit repair, real estate, etc., happen to be topics I enjoy writing about.

But … starting this blog was also a personal journey. I lost my home to foreclosure during the crisis and the more I read and learned about how it all happened, I felt compelled to share the info.

Starting this blog was also a business move; ie, to promote helpful products and services related to this industry. So in a sense, you might say that the stars aligned to give me my “dream writing / online marketing” freelance job. But, I digress.

Losing a Home to Foreclosure: Facing the Shame

When I lost my home to foreclosure (voluntary foreclosure), I was ashamed, embarrassed and felt like the biggest financial disaster walking. I was almost 50, had practically zero in retirement (thanks to pouring money into a the sinking asset that was my home), and scared s**tless about my future.

My Biggest Fear in Life

Know what it is? Growing old and being poor. And there it was … staring me smack dab in the face! For all of her great points, America is “No Country for Old Men” (or women), to borrow a movie title.

How did I get to this point? I’d been working all my life (since I was 11). Literally, mowing lawns was my first “job.” My stepfather bought me and the sister closest in age to me a lawn mower. We lived in a trailer park with 64 lots and went door to door asking neighbors if they wanted their grass cut. That’s how we saved for new school clothes every year.

After all of that and many more jobs under my belt — almost 40 years later — I found myself at poverty’s door. One day, I took a hard look at my finances, divorced myself from the emotion of my situation and took charge of my life. I knew had to do something drastic, or my greatest fear would indeed come true.

Why Losing My Home to Foreclosure Was the Best Financial “Mistake” I Ever Made

When I look back now, I can honestly say that losing my home to foreclosure — even though it was voluntary — was one of the best things that ever happened to me, financially and personally.

So here’s my home foreclosure story — and how I recovered from it at almost 50. And yes, there is life after foreclosure; a great life. But you have to pull that band-aid off, face your financial reality, and make moves to get “unpoor” as I call it.

Now, I’m on track to have the nice retirement I always dreamed of. If you’re in the same situation, just know, you can recover — if you take action.

Share Your Foreclosure Story

I’m always seeking personal stories of home foreclosure. If you have one, please send it it. You can do so anonymously, or openly (I’ll gladly link back to your site, of course). Share how it happened, what lessons you learned, how you felt about it, and anything else you want others to know. I’d be honored to publish it.

P.S.: Start a Foreclosure Cleanup Business Today.

Even though the foreclosure crisis is over, as long as real estate is bought and sold (hint: forever!) there will always be a need for foreclosure cleanup (and real estate-related) services. Get your foreclosure cleaning “Business in a Box” and start this lucrative business right now.

August 23, 2017 | By FBN Site Editor In Foreclosure News | Comments Off on Growth of Tiny House Movement Spurred in Part by Foreclosures

The foreclosure crisis started in 2007 and by 2008, was in full-blown crisis mode. Foreclosure filings spiking to more than 81 percent, up 225 percent over 2006. The interest in downsizing and living in more modest homes—including tiny houses—spiked — and continues to this day.

Is Tiny House Living for You?

Would you consider living in/building a tiny house to cut cost-of-living expenses? Do you think it’s a smart way to get back on your feet after foreclosure? Share your insights in the comments section below.

P.S.: We’re always seeking personal stories of foreclosure.

If you have one that you’d like to share about going through the process, life after foreclosure, or anything related, send it in [info-at-ForeclosureBusinessNews.com].

Foreclosure & Credit

Your credit score can drop by as much as 200 to 300 points if you are forced to give your home up to foreclosure. This drop carries with it a ripple effect that impacts your ability to purchase a new home and obtain car loans, credit cards, even insurance. … Foreclosure can remain on your credit report for as long as seven years, but …

If you live next to a vacant lot in Philadelphia, you could potentially acquire it for as little as $1. Stipulations are that: (i) the lot must share a border with your home on the side or back; (ii) if it’s a vacant building, it doesn’t qualify; and (iii) the property’s value must be less than $75,000.

Foreclosure mediation is a process that is used to help homeowners avoid foreclosure by coming up with an alternate solution that benefits both the borrowers and the lender. The mediation process varies from state to state, but it generally begins when a lender initiates a foreclosure in accordance with state law. One study has shown that homeowners who participate in mediation are 1.7 times more likely to avoid foreclosure than those who did not.

The state is stepping in to help 203 Long Island households facing foreclosure in a new way to combat zombie properties. Under the program, the state essentially [buys the property and] becomes the lender, providing homeowners with more latitude to continue paying a mortgage that they found to be unaffordable under traditional banking practices. The program also provides funding to repair homes.

August 12, 2017 | By FBN Site Editor In Foreclosure News | Comments Off on A Little-Discussed Side Effect of Deportations: Foreclosures

The economic ripple effects of arrests – and eventual deportations – are wide-ranging. But one little noticed consequence is their effect on the housing market.

Research shows that deportations lead to higher rates of foreclosure among Latino communities. That’s because the loss of an income for families – especially if it is the breadwinner who is detained – can make it harder for remaining family members to make mortgage payments.

August 11, 2017 | By FBN Site Editor In Foreclosure News | Comments Off on Puerto Rico Drowning in Foreclosures: Crisis May Be Worst Than One In U.S. in 2007/08

An average of 14 families lose homes every day to foreclosure in Puerto Rico, more than double the rate a decade ago as the island faces a real-estate crash worse than the one that sparked the Great Recession on the U.S. mainland. … the [foreclosure] crisis in Puerto Rico may be worse than on the Mainland during the height of the foreclosure crisis according to Attam Data Solutions who analyzes U.S. housing data.

August 10, 2017 | By FBN Site Editor In Foreclosure News | Comments Off on How Some Lucky Homeowners are Buying Back Their Foreclosed Homes

Montesh Glass says her home went into foreclosure after she was diagnosed with multiple sclerosis. She was initially in a state foreclosure prevention program, but says she was kicked out after she couldn’t continue working, which was a program requirement.

But after completing the buy-back program, Glass walked away from the Northwest Activities Center with the deed to her home once again. “I’m happy now,” she said.